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That is how Sports Illustrated describes the deal struck
between the NBA and the owners of the Spirits of St. Louis when the
Spirits folded and four ABA teams joined the league, which had paid them
$ 300 million over the past three-plus decades. The SI story does a
good job of elaborating on the deal's business and legal details and the negotiations leading to the original deal.
Pursuant to a recent confidential settlement (disposing of a lawsuit to
obtain rights to certain international and online revenues), the old
deal is over; the former owners (brothers Ozzie and Daniel Silna) will
be paid more than $ 500 million, plus a small stake in the NBA's new TV
contract. All told, the Silnas will make more than $ 1 billion (from a
team they bought for $ 1 million in 1974).